Houses Prices ....?

Question

Hi,

With house prices going crazy over the past few years, would anybody like to share any good ideas on the best way to get on the property ladder?

Answer 1

If you want to get your first foot on the ladder, the Government is doing a new scheme called Homebuy. Basically you buy it in conjunction with a Housing association in your area.

http://www.homebuy.co.uk/

Other than that, there are 100% lenders out there which work on affordability and can make it possible to borrow more, but the payments aren't the cheapest and you have to have reasonable credit history. Let me know if you want to know more.

Good luck!

Answer 2

There are things you can do to make a mortgage more affordable:

a) Extend the mortgage term -some go up to 40 years, but beware your anticipated retirement age!
b)Have interest only instead of repayment for a while- you must be disciplined to do this though- I fear that many choosing this route will not change to a repayment method and have no means of paying of the capital at the end of the term.
c)Shared equity and shared ownership schemes
d) You may not be able to be too choosy to get on the ladder- pick some where that needs some decoration work and haggle with the price.

Good luck!

Answer 3

it is hard to get on the propert ladder for a first time buyer. i own several propertys in ireland which i rent out. unforgently for you it is people like me that drives up the prices and as long as we can afford to invest in property a lot of less well off people cant afford to do so.
i would suggest buying a older out of town property thats needs work done to it perhaps in a not so great neighbourhood "not a complete sess pit either" i would spend a few pounds and a few years doing it up, by that time regeneration will WITHOUT DOUBT" take place in that area which means if you do it right you will have one of the most desireable propertys in the area that you can sell for a handsome profit.
dont be afraid to take a chance i did it with a £30000 house 10 years ago and now have 18 houses with a value of around £4 million

Answer 4

Buy what ever house you can, where ever in the country and rent it out. Make someone else pay the mortgage until it's equity increases to a point where you can sell it and end up with a stash of cash.

Generally you can get a buy-to-let mortgage for 80% of the value of a property. Do your research right and the rental income could cover the repayments.

Answer 5

Save plenty of deposit, buy a property that will appreciate at a good rate (maybe needing work, up and coming area, even somewhere that needs redecoration you can get extra equity really quickly).
Consider buying shared ownership.
Also, consider buying to let. That way you can continue living in the kind of accomodation you like, where you like, but get a foot on the ladder. (In this situation I mean a buy to let property that would be cheaper than you would want to live in yourself, but within your budget)

Answer 6

Hi,my advice your better off not being on it.We give up a lovely council house to buy our dream property.We were only in it 2 year my hubby got put out of work & we nearly lost the property to keep it,he works abroad.The wages are not has high as some people assume has he his on day rate so when he his home he does not get paid.We are very gratefull to the country that give him a job.

Answer 7

i've recently bought my first property. what i done was find myself a place that needed a bit of work so i got it resonably cheap. then i found out how much similar propertys are and got myself a mortgage + which is a mortgage with a loan intergrated. so my total borowed was the price of a place that was in good condition. i bought the doer upper and used the difference to redecorate. i should hopefully now make a nice profit when i sell

Answer 8

See how much you can afford on a mortgage and then research where you can buy property in your price bracket nationally. Rent it out and use it as an investment then you can re-mortgage and keep on doing it. The other option is to look abroad and cash in when prices go up. Good articles on http://www.overseasproperty-news.co.uk

Answer 9

1. Really save like mad. And i mean save every penny. No coffees out, certainly no dinners. No cinema, pub or any fun. Get a deposit.

2. See if your parents will help out. Many do.

3. Don't wait for a partner for life. Find a house buying partner. Could be good friend/brother/sister/other family member etc.

4. Or even find several people and all buy one house.

Whatever you do, do it through a solicitor so its legal.

Answer 10

First, Where are you? US, UK Where? If US what section of the country? A lot depends right now on the part of the country you live in. Here in the NE of the US is a good time to buy. we are beginning to see another shift to sellers mkt.